An analysis of data from Zillow.com reveals the US states with major metropolitan statistical areas (MSA) that have seen the lowest and highest increases in average monthly rent prices over the past three years.   

West Virginia stands out with the lowest percentage rise since 2020 of only 12 per cent. In the first three months of 2020, the average rent price in WV was US $950.54, compared to an average of US $1,066.29 across January, February and March in 2023. This is a 4.5 times smaller decrease than the state with the largest increase, Colorado.     

Coming in second is Iowa with a 15% increase in rent prices in just three years. Renters in MSAs were paying on average US $947.54 between January and March 2020 and are now paying US $1,085.55; a US $138.01 increase.    

Hawaii ranks as the state who’s major MSAs had the third smallest increase in average prices for renters. In the first three months of 2020, rent prices were US $2,283.08. The state has seen a $367.05 increase in price, to an average of US $2,650.13 between January and March 2023.    

In fourth position is Wyoming where renters have experienced an average 16.45% increase in prices. An increase of US $173.26 can be seen in this state over the past three years.     

Louisiana places as having the fifth largest increase in rent, going from $1,108.43 in early 2020, to US $1,226.59 in 2023; a 17% increase over the three-year period.     

In sixth position is North Dakota where the major MSAs’ average rent price has increased from US $1,087.38 to US $1,296.56, coming in just below Louisiana with a 17.67% increase.     

Coming in seventh is Minnesota with a 17.89% increase in rent prices over the past three years. Renters are now paying US $1,151.26 compared to US $1,357.17 in 2020.    

Kansas is the state with the eighth highest increase in rent prices of 19.54%.    

In ninth position is Wisconsin where renters are paying on average US $935.81; a US $1,133.63 increase compared to 2020.  

Massachusetts places tenth in the rankings with a rent percentage increase over the past three years of 21.48%.   

Colorado has been named the most expensive US state for renters in its major metropolitan areas. The state has seen the biggest increase in rent prices over the past three years of 54%. In the first three months of 2020, the average rent price in MSAs in the state was US $2,439.56, compared to an average of US $3,757.93 across January, February and March in 2023. This is a 4.5 times larger increase than the state with the smallest increase, West Virginia.   

US states with the lowest increase in rent prices from 2020-2023
Ranking (Lowest increase)	STATE (TERRITORY)	Jan-Mar 2020 AVG	Jan-Mar 2023 AVG	Increase ($)	Increase (%)
1	West Virginia	950.04	1,066.29	116.24	12.24
2	Iowa	947.54	1,085.55	138.01	14.57
3	Hawaii	2,283.08	2,650.13	367.05	16.08
4	Wyoming	1,053.34	1,226.59	173.26	16.45
5	Louisiana	1,108.43	1,296.71	188.28	16.99
6	North Dakota	1,087.38	1,279.56	192.18	17.67
7	Minnesota	1,151.26	1,357.17	205.92	17.89
8	Kansas	829.92	992.09	162.17	19.54
9	Wisconsin	935.81	1,133.63	197.82	21.14
10	Massachusetts	1,769.67	2,149.79	380.12	21.48

US States with the highest increase in rent prices from 2020-2023
Ranking (Highest increase)	STATE (TERRITORY)	Jan-Mar 2020 AVG	Jan-Mar 2023 AVG	Increase ($)	Increase (%)
1	Colorado	2,439.56	3,757.93	1,318.37	54.04
2	Florida	1,448.43	2,126.06	677.63	46.78
3	Montana	906.45	1,302.62	396.17	43.71
4	Idaho	1,155.35	1,629.82	474.46	41.07
5	Arizona	1,313.44	1,821.46	508.02	38.68
6	Tennessee	1,045.76	1,447.32	401.56	38.40
7	Georgia	1,055.30	1,460.07	404.77	38.36
8	New Hampshire	1,352.16	1,849.35	497.19	36.77
9	New Mexico	1,182.34	1,610.50	428.16	36.21
10	Utah	1,498.58	2,039.27	540.70	36.08

The analysis was undertaken by comparison site MovingFeedback, with a spokesperson commenting: “Rent demand is strong in the US with rising homeownership costs. It is estimated that there is a shortage of 7.3 million affordable rental homes for those with low incomes. This paired with rising inflation means that rent prices have continued to soar.      

“This data reveals huge disparities in pricing across the US with cities in Colorado and Florida seeing rent increase by around 50%, compared to states like West Virginia and Iowa, which have seen average increases below 15% over the past three years. The Enterprise group has found that nearly 11 million households spend more than 50% of their income on rent.”       

Methodology: Each US state’s average rental price was compared from Jan-March 2020 to Jan-March 2023 to reveal which states have had the highest and lowest increases over the past three years.